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Chris Ford, European head of investments at Towers Watson, has been promoted this afternoon to global head, responsible for an 800-strong business advising investors with $2 trillion under management.

Ford, 45, will succeed Carl Hess in the position, who after six years is being promoted to managing director of the Americas across Towers Watson's various business lines, including insurance, risk, talent and executive compensation as well as investments. Hess is also joining the company's executive committee.

Hess' elevation, in turn, follows the move of Jim Foreman, who previously held the position of Americas head, to lead an expansion of Towers Watson's exchange solutions business, which consults with US firms on purchasing healthcare plans through insurance exchanges in that country.

Ford, a UK native, will continue to be based in the group's London office. Previously, Hess led the global investment business out of New York. Towers Watson, alongside rivals Mercer and AonHewitt, and in the US, firms such as Wilshire Associates, is one of the top advisers globally to large pension funds and foundations on their investments.

Ford has worked at Towers Watson for 23 years, having joined the company as a graduate trainee. In his two decades at Towers Watson, Ford has filled a number of senior roles, including leading the firm's New York office between 2000 and 2003. He led its investment-strategy group from 2004.

He became European head of investment consulting in 2010, taking over from Paul Trickett, who left to join Goldman Sachs Asset Management - and who has since taken on a new role overseeing investments and governance at Legal & General's workplace pensions business.

In a statement this afternoon, Tricia Gunn, managing director of risk and financial-services at Towers Watson, said of Ford: "Chris has proven himself to be very capable – both strategically and operationally – at propelling the business forward and delivering strong growth and excellent results for our clients."

A Towers Watson spokesman said a successor for Ford, as European head of the investment business, would be announced in due course.